ED raids linked to FEMA but we only sought permission to invest abroad: Satish Jarikiholi

Congress workers stage a demonstration against ED raids on Public Works Minister Satish Jarkiholi in Chikkodi on Thursday. | Photo credit: SPECIAL ARRANGEMENT

Even as Enforcement Directorate (ED) officers conducted searches at premises associated with Public Works Minister Satish Jarkiholi and his relatives and associates in Belagavi, he confirmed that they were related to allegations of violation of the Foreign Exchange Management Act (FEMA).

Speaking to presspersons in Bengaluru on Thursday, he said, “The ED officers gave us a notice yesterday and it was for alleged violation of FEMA provisions, not the Prevention of Money Laundering Act (PMLA). I think they focused on our proposed investments abroad. While they kept saying that we have already invested, I kept telling them that we have not invested yet. I told them that we have various investment plans including permission from the RBI. We are yet to receive them, our foreign investments are yet to they were not carried out,” he said.

He further said that the ED cops seized some documents from various places and cash amounting to around ₹2 crore. “We said that it belongs to us and that we will claim it legally by submitting all the necessary documents,” the minister said.

ED officials conducted searches at the residences of Mr. Satish Jarkiholi, his children Priyanka and Rahul and his brother-in-law Y. Manjunath. Mr. Manjunath, a Joint Commissioner in the Excise Department, is married to Mahadevi, sister of Mr. Satish Jarkiholi. The residences of Malagouda Patil, the minister’s personal assistant, and Preeti Kakatkar, Mr. Manjunath’s personal assistant, were also searched.

Addressing the press, Mr. Satish Jarkiholi also questioned why leaders of Congress and regional opposition parties are the only targets of central agencies.

However, he said that he “may have made some small mistake” but that the central agencies were “letting out the big fish and going after the small fish”. He claimed that only opposition leaders were targeted across the country.

“No one can say they are 100% right in all trade negotiations. But they seem to be targeting only Congress leaders and opposition parties, including regional parties,” he said. “KPCC president BK Hariprasad has just told me that up to eight Congress leaders from the state may be targeted.

Incidentally, the ED officers did not visit the residences or offices of the minister’s brothers, Ramesh Jarkiholi and Balachandra Jarkiholi, both BJP MLAs. There were also no reports of searches at the residences of Independent MLC Lakhan Jarkiholi or businessman Bhimshi Jarkiholi, both younger brothers of the minister.

However, Mr. Satish Jarkiholi made it clear that he did not face any harassment from the ED officers. “They cooperated with us and we cooperated with them,” he said, adding that officials were impartial. “I believe in the legal process and we will face it,” he said. “I told them what I knew and asked them to issue a notice if they wanted more information.

On the status of the case, Mr. Satish Jarkiholi said, “The preliminary investigation has started and we don’t know when it will end. It may continue till the next election. We don’t know.”

Published – 10 Sep 2026 23:04 IST